Data- we’ve all heard the term, and there is a high likelihood that you’ve dealt with data and numbers in some capacity throughout your life.
In our world, data for consumer behavior is incredibly valuable. In fact, in 2017, data surpassed oil in value. Let that sink in. Data and the meaning behind it are more valuable than a nonrenewable resource our world is so reliant on.
So why is data so important? There are a plethora of answers (that are all correct!) but here are some of the biggest reasons:
It holds all of the answers
Do you want to know what search terms bring people to your website? How much time a person spent on your website? What about how many people your most recent Facebook post has reached? All of these answers can be found in analytical data. Once you begin to understand the insights from different data sources, you can begin to build messaging that addresses your marketing goals for your current audiences.
Nonstop Testing
The more data that you gather and test, the more targeted your marketing efforts can be. For example, this is extremely important when trying to reach new audiences. Say you are running a Facebook ad to reach new consumers within 100 miles of your business. If you check the analytics and at the end of the day no one within 100 miles has engaged with the ad, you may need to adjust your targeting or make the creative more engaging.
Using a “scientific method” of sorts with a set goal and checking to see, based on the data, if a specific marketing tactic is meeting that goal can help you pivot quickly.
Utilizing Data will lead to Effective Marketing
Evaluating different data points against your goals will help you start to develop and drive an effective marketing strategy. Data points can include things like who your competition is, social media impressions, number of online conversions, or age and gender of your page visitors.
Data related to who your audience currently is (age, sex, location, interests) can help connect the dots to creating marketing that speaks to them and marketing that reaches new members of your ideal target audiences.
Achieving a truly data-driven marketing strategy can be challenging, but by investing a little bit of time and energy into data collection and analyzation, you can set your business up for data-driven success. Using a tool like Google Analytics and having clearly defined KPIs are a great place to start.
Are you using data in your digital marketing strategy?
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